Plug Power shares tumbled as much as 11% in pre-market trading Tuesday after the company reported fourth-quarter results that missed the consensus estimates. The Latham, New York-based fuel cell maker’s quarterly losses widened as expenses and costs more than doubled. Plug Power said its revenue for the fourth-quarter more than doubled from $8 million to $21.5 million.
Plug Power posts 8 cents in Q4 losses
Though its product, services, and R&D contract revenues all went up, the total revenue was well below the Wall Street estimate of $26.3 million. The company reported a loss of 8 cents a share, wider than analysts’ projection of 4 cents in quarterly losses. Cost of product revenue rose 71% YoY to $10.4 million. Net loss attributable to shareholders came in at $7.2 million or 4 cents a share, compared to a loss of $28.9 million in the corresponding quarter a year ago.
R&D expenses for the December quarter rose from $0.8 million to $2.2 million, while SGPA expenses jumped from $4 million to $9.4 million. The fuel cell maker ended the quarter with $146.2 million in cash and cash equivalents versus $5 million in cash and cash equivalents at the end of December 2013.
Plug Power reiterates its FY2015 guidance
For full-year 2014, Plug Power reported a loss of $88.5 million or 56 cents per share, compared to the consensus estimate of 19 cents in losses. Full-year revenue stood at $64.2 million, missing the Wall Street projections of $69.13 million. Plug Power counts Wal-Mart, Daimler, Volkswagen and Coca-Cola as its customers.
The fuel cell company reiterated its FY2015 sales guidance of at least $100 million, less than the consensus estimate of $107.13 million. In January, the company surprisingly slashed its 2015 revenue forecast from $130 million to $100 million, saying that the new figure was more reliable. Plug Power CEO Andy Marsh said the company’s focus for this year was to expand the availability of hydrogen, which will fuel growth in core markets.
Plug Power shares were down 11.27% to $2.44 at 9:49 AM EDT on Tuesday.